The two insurers argue that a US rate hike will boost bond returns, despite Donald Trump's planned tax cuts and stimulus measures appearing to favour other asset classes.
Taipei-based Taiwan Life aims to outsource some $200 million of its overseas equity investments in the coming 12 months and to raise its foreign bond exposure.
The Taipei-based insurer, with $35 billion under management, plans to make its first moves into private equity co-investment and foreign property.
China Life and Shin Kong Life become the first to receive regulatory approval to invest in mainland China outside of real estate. They must now await quotas, with China Life targeting what would be a record $500 million.